RI City Didn't Keep Tabs On Real Estate Tax Deals: Watchdog

Law360, New York (January 31, 2014, 2:50 PM EST) -- The city of Providence, R.I., dropped the ball in monitoring special tax breaks for real estate developers over the last 25 years, allowing numerous recipients to escape paying taxes, according to a report released by the city's internal auditor on Thursday.

The report found that tax stabilization agreements entered between the city and real estate developers, designed to lower property tax bills in exchange for developers meeting certain occupancy and community betterment criteria, simply fell off the city's radar.

“Compliance monitoring by the city of requirements...
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